Great news for suburban property owners of real estate nsw, property values increased 4.9% over the December quarter, making the once a year trend for Sydney property 14.3%.
Harcourts real estate CEO for New South Wales Rob Forde says real estate nsw owners will be ecstatic, however he adds that the statistics raise the issue of housing affordability for first home buyers."First home buyers are having to come in with an extra AUS$50,000, compared with this time last year and salaries have not increased by that much over the same time period. "
Forde adds that Harcourts have seen first home purchasers active in the outer city limits, with first house buyers accepting the necessity to commute 50km or more into the CBD. "The average first home buyers wanting to get into real estate nsw are having a look at an AUS$400,000 plus spend, and the closer that spend is to AUS$400,000, the further away from the Sydney CBD they will be. "
Other alternatives available to first house purchasers of real estate nsw is to buy a house instead of a more expensive free standing home and Forde asserts that this is the option that most younger buyers take. Although Forde adds that apartments are not cheap either, with new release residences in the CBD dumping the plans for a minimum of AUS$500,000.
Forde reveals that price has not dampened first house purchaser fervour with more first house purchasers purchasing real estate nsw than ever seen before, "The serious plus for first house purchasers is that so long as real estate nsw expands in price, the bigger their equity. The first house buyers of one year back, now have at least 14.3% more equity in their property than they did when they first acquired. This is a big driver for first home buyers, the other motivating factor is low IRs. "
First home buyers are becoming very leading edge in ways to come up with capital says Forde, "Folks are definitely in the equation, with a lot of elders turning up to auctions or entering into co-ownership agreements with their child and more times than not, the childs partner. Getting into real estate nsw is rather a money challenge for first time purchasers and folks realise they had a far easier time and so are now happy to help their youngsters out. "
The other common occurrence with real estate nws is the 1st time customer who purchases a property with the objective of hiring it out, so they can still receive capital gain. "Demand for quality real estate nsw rental accommodation is high, and for all the potential first house owners there are many more folk who plan to stay renting ," concludes Forde.
Harcourts real estate CEO for New South Wales Rob Forde says real estate nsw owners will be ecstatic, however he adds that the statistics raise the issue of housing affordability for first home buyers."First home buyers are having to come in with an extra AUS$50,000, compared with this time last year and salaries have not increased by that much over the same time period. "
Forde adds that Harcourts have seen first home purchasers active in the outer city limits, with first house buyers accepting the necessity to commute 50km or more into the CBD. "The average first home buyers wanting to get into real estate nsw are having a look at an AUS$400,000 plus spend, and the closer that spend is to AUS$400,000, the further away from the Sydney CBD they will be. "
Other alternatives available to first house purchasers of real estate nsw is to buy a house instead of a more expensive free standing home and Forde asserts that this is the option that most younger buyers take. Although Forde adds that apartments are not cheap either, with new release residences in the CBD dumping the plans for a minimum of AUS$500,000.
Forde reveals that price has not dampened first house purchaser fervour with more first house purchasers purchasing real estate nsw than ever seen before, "The serious plus for first house purchasers is that so long as real estate nsw expands in price, the bigger their equity. The first house buyers of one year back, now have at least 14.3% more equity in their property than they did when they first acquired. This is a big driver for first home buyers, the other motivating factor is low IRs. "
First home buyers are becoming very leading edge in ways to come up with capital says Forde, "Folks are definitely in the equation, with a lot of elders turning up to auctions or entering into co-ownership agreements with their child and more times than not, the childs partner. Getting into real estate nsw is rather a money challenge for first time purchasers and folks realise they had a far easier time and so are now happy to help their youngsters out. "
The other common occurrence with real estate nws is the 1st time customer who purchases a property with the objective of hiring it out, so they can still receive capital gain. "Demand for quality real estate nsw rental accommodation is high, and for all the potential first house owners there are many more folk who plan to stay renting ," concludes Forde.
About the Author:
Harcourts Australia offer real estate for sale, land and homes for sale, rentals and commercial leasing, rural property sales, life-style real estate and business right across Australia.
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